MEMBERS Variable Annuity Series B-Share

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1 MEMBERS Variable Annuity Series B-Share FLEXIBLE CHOICES, CONFIDENCE OF GUARANTEES Move confidently into the future REV 0514

2 Focused on helping people. It s important to know that you have a strong team helping you achieve retirement security. With more than 75 years of true market commitment, the products offered through MEMBERS Insurance & Investments provide financial security and protection to credit unions and their members worldwide. The MEMBERS Variable Annuity Series is offered through licensed investment and insurance representatives and is issued by Transamerica Life Insurance Company (Transamerica). Transamerica is among the leading providers of financial services with a history of superior service and a focus on helping people. More than a century of service. The date is April 18, A catastrophic earthquake shatters the early morning silence in San Francisco. In the wake of the devastation, a young banker, A.P. Giannini, who would later form Transamerica Corporation, focuses on one thing: helping residents rebuild. He extends credit to anyone in need, with only a handshake as collateral. With this simple act of trust, the reconstruction of San Francisco begins and a remarkable American success story is born. With more than a century of experience, dating to the incorporation of Transamerica Occidental Life Insurance Company in 1906, Transamerica Life Insurance Company continues to follow the mission to help individuals, families and businesses build and protect their hard-earned assets. As of June 30, 2013, financial records of Transamerica Life Insurance Company indicated $105.8 billion in assets, $99.9 billion in liabilities and $5.9 billion in capital and surplus. Transamerica Life Insurance Company is rated A+, second-highest rating out of 16, by A.M. Best, AA- by Standard and Poor s, fourth-highest rating out of 21, A1 by Moody s, fifth-highest rating out of 21, and AA- by Fitch, fourth-highest rating out of 19, as of June 30, 2013]. Ratings refer to the company s overall financial strength; they are not a recommendation of specific contract provisions, rates or practices. Guarantees are based on the claims-paying ability of Transamerica Life Insurance Company and do not extend to the performance of variable subaccounts, which can fluctuate with changes in market conditions. 2 MEMBERS VARIABLE ANNUITY SERIES B-SHARE

3 Confidence into the future. Congratulations. You are taking an important step toward your future by learning more about your retirement choices. The MEMBERS Variable Annuity Series B-Share combines investment options, protection benefits, income guarantees and tax advantages. With all of these valuable features in one contract, the MEMBERS Variable Annuity Series B-Share can become the cornerstone of your future financial security. Flexible choices and the confidence of guarantees consider this a landmark in your retirement planning. All guarantees are based on the claims-paying ability of Transamerica Life Insurance Company. Are you looking for an investment with all these benefits? Investment options Variable annuities allow you to personalize an investment strategy based on your goals, timeframe and risk comfort level. They offer: Professional money managers Participation in the growth potential of the stock and bond markets diverse variable investment options, including domestic stocks and bonds, international stocks and bonds, allocation funds and specialty funds Fixed account options providing guaranteed returns Flexibility to transfer among investment options if your needs change 1 Investment options Protection benefits Protection benefits Variable annuities offer important insurance benefits through the policy or the purchase of additional riders. You can choose to protect: Assets you hope to pass on to loved ones Value of your premium payments, even if markets should decline Potential earnings on your investment over time Income payments during retirement Variable annuity benefits Income guarantees Variable annuities can provide strong retirement income guarantees through the purchase of additional riders or through annuitization. Options include: Guaranteed lifetime income for one or two individuals A guarantee that income will not decrease during market downturns Guaranteed increases to your future income while you wait to start withdrawals 2 Income guarantees Tax advantages Opportunities for your income to increase even after lifetime withdrawals begin A range of income options to help meet your specific retirement goals Tax advantages Variable annuities offer tax advantages 3 similar to IRAs and 401(k) plans: Tax-deferred earnings (taxed as ordinary income upon withdrawal) Tax-free transfers among investment subaccounts direct rollovers from employer-sponsored retirement plans like 401(k)s 1 After 12 transfers in a year, a $10 transfer fee may apply. Transamerica Life insurance Company reserves the right to restrict transfers to the Fixed Account. 2 Withdrawals of taxable amounts are subject to ordinary income tax and prior to 59½ may be subject to a 10% federal premature distribution penalty tax. 3 There are no additional tax benefits when the policy is purchased as an IRA or other tax qualified plan, since those plans already provide tax-deferred status. An annuity should be purchased as a qualified plan for the value of features other than tax deferral. Flexible choices, confidence of guarantees 3

4 At age 58, Tina is laying down plans for retirement, which she confidently says begins on July 1, Her strategy centers on her 401(k), Roth IRA and the MEMBERS Variable Annuity Series B-Share. She has invested her annuity premium in an allocation fund to pursue market growth opportunities. To guard her retirement plans against a down market, she purchased principal and income protection through the Guaranteed Principal Solution SM rider (see page 11). Invest the way you want. With your variable annuity, you can select from more than 30 investment options to create an investment strategy suited to your objectives. Your financial representative can help you choose among: Allocation funds that offer active management aligned with your risk tolerance Funds that allocate to a range of underlying asset classes, but take a short-term, tactical approach to investing Lower-cost funds that provide a more passive approach and seek to duplicate the performance of a market index A full range of investment options from widely recognized money managers to customize your portfolio Fixed accounts that offer a guaranteed interest rate 1 Investment strategies to help manage risk Remember that your variable annuity investment options are subject to market fluctuation, investment risk and possible loss of principal. Allocation funds Allocation funds are designed to provide a simple yet powerful investment strategy of active management. With an allocation fund, a money manager can diversify by adding a security, asset class or investment style to support the fund s objective. Tactical funds Certain investment options may allocate to a range of underlying asset classes, but follow a more tactical, short-term approach to investing. These funds continually make adjustments in response to market conditions, and try to take advantage of opportunities and defend against losses. Index funds For a lower-cost approach, you can select investment options that purchase exchange traded funds (ETFs) which track the performance of a market index. Customize your own portfolio With your representative s help, you can customize an investment portfolio using the full range of investment options covering a wide spectrum of asset classes and allocation strategies. 2 1 Fixed period options may not be available in all states, and premium limits may apply. All guarantees are based on the claims-paying ability of Transamerica Life Insurance Company. 2 Investment options may not be available in all states or with all riders. See your prospectus for details. 4 MEMBERS VARIABLE ANNUITY SERIES B-SHARE

5 BARROW, HANLEY, MEWHINNEY & STRAUSS Invest with well-known managers Investment options are managed by professional investment managers who have been carefully chosen as specialists in specific asset classes and investment styles. All investment firms are highly recognized within the industry, and adhere to a consistent and disciplined investment process. 1 BARROW, HANLEY, MEWHINNEY & STRAUSS BARROW, HANLEY, MEWHINNEY & STRAUSS BARROW, HANLEY, MEWHINNEY & STRAUSS Fixed account guarantees To help provide a guaranteed return, premium may also be allocated to the Fixed Account with a current 0.25% guaranteed minimum interest rate. During periods of low investment yields, Transamerica reserves the right to suspend or limit premiums allocated to the Fixed Account. Check with your representative for current status and rates. All guarantees are based on the claims-paying ability of Transamerica Life Insurance Company. 1 Investment options may not be available in all states or with all riders. See your prospectus for details. The investment adviser for the underlying portfolios in which the Transamerica investment options invest is Transamerica Asset Management, Inc. Vanguard is the manager of the underlying ETFs in the TA Vanguard ETF investment options. Vanguard, the ship logo, and Vanguard ETFs are trademarks of The Vanguard Group. Flexible choices, confidence of guarantees 5

6 Protect your beneficiaries. Your variable annuity provides important guarantees to help protect your loved ones if you should die before you begin receiving annuity payments. Some protection features are standard with your policy, while others are optional and can be purchased for an additional cost. 1 All guarantees are based on the claims-paying ability of Transamerica Life Insurance Company. Guaranteed death benefit options When you buy your annuity, you can choose one of three guaranteed minimum death benefits: Policy Value Available to annuitants ages 0 to 89, this provides your beneficiaries: Policy value on the date death proceeds are calculated This benefit is provided through the standard annual mortality, expense and administrative (M&E&A) charge of 1.15%, which is deducted daily in proportion from your selected investment options. Return of Premium Available to annuitants ages 0 to 85, this benefit guarantees your beneficiaries will receive the greater of: Total premiums less adjusted partial withdrawals, or Policy value on the date death proceeds are calculated This benefit is provided through an annual mortality, expense and administrative (M&E&A) charge of 1.30%, which is deducted daily in proportion from your selected investment options. Investment options may be restricted. See your prospectus for details. Annual Step-up Available only to annuitants ages 0 to 75 at time of purchase, this provides beneficiaries the greater of: Total premiums less adjusted partial withdrawals, Policy value on the date death proceeds are calculated, or Highest policy value on any anniversary prior to the annuitant turning 81, plus premiums paid and less adjusted partial withdrawals since that highest anniversary This benefit is provided through an annual mortality, expense and administrative (M&E&A) charge of 1.50%, which is deducted daily in proportion from your selected investment options. Investment options may be restricted. See your prospectus for details. Step-ups to highest policy value stop at age State variations may apply. 6 MEMBERS VARIABLE ANNUITY SERIES B-SHARE

7 Optional death benefit riders You may also select one of two riders to increase the financial legacy for your beneficiaries. They include: Additional Death Distribution SM (ADD SM ) For annuitants ages 0 to 80, your beneficiary can receive an additional: 40% of rider earnings 1 if the annuitant is age 70 or younger on the rider issue date, or 25% of rider earnings 1 if the annuitant is age 71 to 80 on the rider issue date The annual rider fee is 0.25% of policy value deducted on each rider anniversary and pro-rated at rider termination. No benefit is payable if there are no rider earnings on the date death proceeds are calculated. Additional Death Distribution+ SM (ADD+ SM ) For annuitants ages 0 to 75, beneficiaries can receive an additional death benefit based on how much time has passed since the rider issue date: For the first five years, the benefit is a return of all ADD+ SM rider fees After five years, the additional benefit is: - 30% of policy value (less premiums added after rider issue) if the annuitant is age 70 or younger on the rider issue date, or - 20% of policy value (less premiums added after rider issue) if the annuitant is age 71 to 75 on the rider issue date The annual rider fee is 0.55% of policy value deducted on each rider anniversary and pro-rated at rider termination. No benefit is payable if policy value is less than premiums added after rider issue as of the date death proceeds are calculated. These riders are not available if the Policy Value death benefit has been selected. See your prospectus for details. Spousal continuation A spouse who is named as sole beneficiary may continue the policy without current taxes at the death of the annuitant. 2 And if the ADD SM or ADD+ SM rider was in place at the annuitant s death, the spouse may receive a one-time increase to policy value. The spouse then has the flexibility to immediately reelect a death benefit rider on the continued policy, based on the rider s issue age requirements. 1 Rider earnings are any policy gains accrued and not previously withdrawn since the rider issue date. 2 For federal tax purposes, married same sex individuals are recognized as spouses. The IRS has adopted a rule providing that the term spouse does not include an individual who has entered into a registered domestic partnership, civil union or other similar relationship. The status of these relationships for state purposes may vary based on the applicable state law. Transamerica intends to administer variable annuity contracts consistent with the IRS rulings until further notice. Please contact a qualified tax advisor prior to purchasing to discuss how exercising spousal continuation benefits under this contract or any riders will affect you for both federal and state tax purposes. Please see a prospectus for more details. Flexible choices, confidence of guarantees 7

8 John and Laura have the security of income for life and the freedom to decide when it starts. They ve added the Retirement Income Choice SM 1.6 rider to John s contract. Now they can pursue growth opportunities and worry less about what a down market might mean to their future retirement income. Protect your income. With your variable annuity, you can purchase a living benefit rider and receive guaranteed retirement income while you participate in the growth opportunities of the market. A guarantee that meets your needs You have the flexibility to select one of three living benefit riders to meet your need for guaranteed retirement income. 1 Riders are optional and available for an additional cost. You can add a rider at the time your annuity is purchased or down the road, based on the issue age requirements. With the confidence of steady income, you have the chance to relax and enjoy retirement while you remain invested in the market. Guaranteed income under a rider is based on your Withdrawal Base. Note that a rider s Withdrawal Base, and any automatic step-up to the Withdrawal Base (see below), will not affect policy value, surrender value, minimum death benefit or return for any investment option. Retirement Income Choice SM 1.6 For issue ages 0 to 85, the Retirement Income Choice SM 1.6 rider provides the ability to withdraw a percentage of your annuity s Withdrawal Base 2 every year for life, while you stay invested in the market s growth potential. All guarantees are based on the claims-paying ability of Transamerica Life Insurance Company. You choose when to start lifetime withdrawals and receive: Withdrawal percentages based on your age at the time you begin lifetime income. If you elect the joint life option, withdrawal percentages are based on the younger person s age. 3 Age Single life annual withdrawal % Joint life annual withdrawal % % 3.75% % 4.75% % 5.75% 1 Certain riders may require you to choose from a list of designated investment options, while others allow an open allocation from the full range of subaccounts. See your prospectus for details. ² Withdrawals of taxable amounts are subject to ordinary income tax and prior to age 59½ may be subject to a 10% federal premature distribution penalty tax. If the rider is added at issue, your initial premium establishes the Withdrawal Base (WB). If the rider is added after issue, the WB is set to current policy value. Additional premium payments increase your WB. The WB does not establish or guarantee policy value, surrender value, minimum death benefit or return for any investment option. 3 For federal tax purposes, married same sex individuals are recognized as spouses. The IRS has adopted a rule providing that the term spouse does not include an individual who has entered into a registered domestic partnership, civil union or other similar relationship. The status of these relationships for state purposes may vary based on the applicable state law. Transamerica intends to administer variable annuity contracts consistent with the IRS rulings until further notice. Please contact a qualified tax advisor prior to purchasing to discuss how exercising spousal continuation benefits under this contract or any riders will affect you for both federal and state tax purposes. Please see a prospectus for more details. 8 MEMBERS VARIABLE ANNUITY SERIES B-SHARE

9 Choose your retirement income Opportunity in up markets lock in market gains each year based on the highest of 12 monthly policy values your Monthiversary SM. When the Monthiversary SM value exceeds your current Withdrawal Base, an automatic step-up increases the Withdrawal Base, allowing your guaranteed rider income to grow. 1 Protection in down markets for up to 10 years, if you do not receive a step-up and take no withdrawals in a given year, your Withdrawal Base grows at an annual 5.5% compound rate. 2 Your guaranteed rider income can grow even when the market doesn t. The option to add the Income Enhancement SM benefit, which allows the rider withdrawal percentage to increase to 150% of the current rider withdrawal percentage when confined to a qualifying facility due to a medical necessity. 3 The benefit is available for a fee of 0.30% for single life or 0.50% for joint life, in addition to the base rider fee. An opportunity to add a rider Death Benefit which could enhance your financial legacy. The rider Death Benefit equals policy value on the rider issue date, plus any additional premiums and less adjusted withdrawals, where withdrawals up to the rider withdrawal amount are always adjusted on a dollar-for-dollar basis. The benefit is available for a fee of 0.40% for single life or 0.35% for joint life, in addition to the base rider fee. The rider s annual fee ranges from 0.70% to 2.30% of your Withdrawal Base, depending on the investment options and rider benefits you select, and is deducted quarterly. The rider fee percentage may increase upon automatic step-up beginning with the fifth rider anniversary, but will never be more than 0.75% higher than the initial rider fee percentage. 4 Investment options are restricted. See your prospectus for details. 1 Withdrawal percentages increase when a step-up occurs and you enter a new age group. 2 The 10-year growth period does not reset at the time of automatic step-up. 3 The Income Enhancement SM benefit may not be available in all states. See your prospectus for details about adding or activating the benefit and restrictions that may apply. This is not long-term care insurance. Contact your elder care attorney regarding your personal situation. 4 Because the rider fee is a percentage of the Withdrawal Base, the amount of the fee will fluctuate as the Withdrawal Base increases or decreases. Should your policy value decline significantly, the fee could be a much higher percentage of the policy value. Flexible choices, confidence of guarantees 9

10 Retirement Income Max SM If you re looking to maximize your lifetime income, the Retirement Income Max SM rider gives you the opportunity to withdraw a fixed percentage of your Withdrawal Base 1 every year, no matter what may happen in the markets. All guarantees are based on the claims-paying ability of Transamerica Life Insurance Company. Available for ages 0 to 85, with Retirement Income Max SM you receive: Highly competitive withdrawal percentages based on your age at the time of first withdrawal. If you elect the joint life option, withdrawal percentages are based on the younger person s age. 2 Age Single life annual withdrawal % Joint life annual withdrawal % % 4.0% % 5.0% % 6.0% Opportunity in up markets lock in market gains each year based on the highest of 12 month policy values your Monthiversary. SM When the Monthiversary SM value exceeds your current Withdrawal Base, an automatic step-up increases the Withdrawal Base, allowing your guaranteed rider income to grow. 3 Protection in down markets for up to 10 years, if you do not receive a step-up and take no withdrawals in a given year, your Withdrawal Base grows at an annual 5.5% compound rate. 4 Your income can grow even when the market doesn t. The rider s annual fee is 1.25% of your Withdrawal Base, and is deducted quarterly. The rider fee percentage may increase upon automatic step-up, but will never be more than 0.75% higher than the initial rider fee percentage. 5 Investment options are restricted. See your prospectus for details. 1 Withdrawals of taxable amounts are subject to ordinary income tax and prior to age 59½ may be subject to a 10% federal premature distribution penalty tax. If the rider is added at issue, your initial premium establishes the Withdrawal Base (WB). If the rider is added after issue, the WB is set to current policy value. Additional premium payments increase your WB. The WB does not establish or guarantee policy value, surrender value, minimum death benefit or return for any investment option. 2 For federal tax purposes, married same sex individuals are recognized as spouses. The IRS has adopted a rule providing that the term spouse does not include an individual who has entered into a registered domestic partnership, civil union or other similar relationship. The status of these relationships for state purposes may vary based on the applicable state law. Transamerica intends to administer variable annuity contracts consistent with the IRS rulings until further notice. Please contact a qualified tax advisor prior to purchasing to discuss how exercising spousal continuation benefits under this contract or any riders will affect you for both federal and state tax purposes. Please see a prospectus for more details. 3 Withdrawal percentages increase when a step-up occurs and you enter a new age group. 4 The 10-year growth period does not reset at the time of automatic step-up. 5 Because the rider fee is a percentage of the Withdrawal Base, the amount of the fee will fluctuate as the Withdrawal Base increases or decreases. Should your policy value decline significantly, the fee could be a much higher percentage of the policy value. 10 MEMBERS VARIABLE ANNUITY SERIES B-SHARE

11 Protect your principal and income. The third living benefit available with your variable annuity offers three powerful guarantees in one rider. Three in one You can receive a measure of principal protection or select from two different options for guaranteed income. The choice is yours. Guaranteed Principal Solution SM (GPS SM ) The optional GPS SM rider delivers principal protection and the opportunity to receive steady retirement income. When the GPS SM rider is purchased at the time you buy your annuity, your initial premium establishes your Guaranteed Future Value and your Total Withdrawal Base. 1 These amounts then determine the value of your guarantee. All guarantees are based on the claims-paying ability of Transamerica Life Insurance Company. Available for ages 0 to 80, the GPS SM rider provides: Principal protection if on the 10th rider anniversary your investment options have performed poorly, Transamerica will make up the loss with a one-time payment, increasing policy value to equal your Guaranteed Future Value. 7% Principal Back withdrawals if you prefer a return of your principal as steady income, the rider allows you to withdraw up to 7% of your Principal Back Total Withdrawal Base each year until you ve received income that totals your principal, regardless of the performance of your investment options. 5% For Life withdrawals if lifetime income is what you re looking for, on the rider anniversary after your 59th birthday you can begin withdrawing up to 5% of your For Life Total Withdrawal Base each year for life. With the GPS SM rider, you can switch between the two withdrawal guarantee options or start and stop withdrawals as your needs change. 2 The rider also provides: Potential to upgrade if your investment options perform well, you may want to upgrade to receive higher benefits. Any time after the rider s third anniversary and before the annuitant turns age 86, you can upgrade to a new GPS SM rider. The Guaranteed Future Value and Total Withdrawal Base of your new rider are reset to the policy s current value. 3 The rider s annual fee is 1.25% of your Principal Back Total Withdrawal Base. 4 This rider is not available if the Policy Value death benefit is selected. See your prospectus for details. 1 Withdrawals of taxable amounts are subject to ordinary income tax and prior to age 59½ may be subject to a 10% federal premature distribution penalty tax. If the rider is added at issue, your initial premium establishes your Guaranteed Future Value (GFV) and Total Withdrawal Base (TWB). If the rider is added after issue, the GFV and TWB are set to current policy value. Additional premium payments increase your TWB by the premium amount and your GFV by a percentage of the premium amount, depending on the year received. See your prospectus for details. The TWB does not establish or guarantee policy value, surrender value, minimum death benefit or return for any investment option. 2 Should the policy value ever reach zero, the ability to switch between options is no longer available. 3 Rider fee and features in effect at the time of the upgrade will apply. 4 Because the rider fee is a percentage of the Total Withdrawal Base, the amount of the fee will fluctuate as the Total Withdrawal Base increases or decreases. Should your policy value decline significantly, the fee could be a much higher percentage of the policy value. Flexible choices, confidence of guarantees 11

12 Choose a plan that meets your needs. You may purchase your variable annuity with non-qualified or qualified dollars. Non-qualified contracts may be established with money from an existing life insurance or annuity contract, a checking or savings account or a redemption from a certificate of deposit or mutual fund. Qualified annuities can be purchased as a traditional IRA, Roth IRA, SIMPLE IRA or SEP IRA. Or, you may rollover money from an employer-sponsored retirement plan like a 401(k) or transfer dollars from an IRA you have inherited from another IRA owner into a beneficiary IRA. Annuity tax advantages Regardless of how you purchase your variable annuity, you receive the powerful benefit of tax deferral. No taxes are paid on your earnings until withdrawn. However, there are no additional tax deferral benefits when an annuity is purchased as an IRA or other tax-qualified plan, since those plans already provide for tax deferral. Fees and charges Your annuity features the following annual charges: No front-end sales charges; all premiums are invested into the subaccounts you choose Mortality, expense and administrative (M&E&A) charge that ranges from 1.15% to 1.50%, based on the death benefit you select Policy death benefit Policy Value Return of Premium Annual Step-up M&E&A charge 1.15% 1.30% 1.50% Annual service charge $50. Up to $35 is waived with net premiums paid or policy value of $50,000 or more; up to $50 is waived with net premiums paid or policy value of $250,000 or more. $15 will be waived if e-delivery is elected. Waivers are subject to change and may not always be available. Investment management fees that vary based on investment options selected Fund facilitation fee up to 0.30% for certain investment options Surrender charges, which are applied to each premium payment based on the number of years since the payment was received Year of premium payment Surrender charge 8% 8% 7% 6% 5% 4% 3% 0% Surrenders, partial withdrawals and transfers from the Fixed Account may be subject to an excess interest adjustment, which may increase or decrease 1 the amount of the withdrawal Remember that any withdrawals, including those permitted under a living benefit rider, reduce your variable annuity s policy value, death benefit and other values. ¹ The adjustment will not decrease the interest credited below the guaranteed minimum interest rate. 12 MEMBERS VARIABLE ANNUITY SERIES B-SHARE

13 Access to your money There are several ways to withdraw a portion of your policy s value before annuity payments begin, without being subject to surrender charges. Surrender charge free amount you can withdraw up to 10% of your premium payments each year free of surrender charges. 1 This amount is not cumulative, so not withdrawing in one year does not increase the surrender charge free amount in subsequent years. Minimum withdrawal is $500. Hardship withdrawals 2 you can withdraw any amount of your policy s value if you become unemployed, are diagnosed with a terminal illness or are confined to a nursing facility or hospital. Minimum withdrawal amounts and proof of hardship requirements apply. See your prospectus for details. Systematic withdrawals you can automatically withdraw money on a monthly, quarterly, semi-annual or annual basis, up to your surrender charge free amount. Any withdrawals that exceed your free amount may be subject to surrender charges. You may withdraw the earnings from your policy at any time. Note the surrender charge free amount is reduced by any withdrawals during the year, including withdrawals of earnings. Taxes will apply to earnings withdrawn. 1 Excess interest adjustments apply to Fixed Account withdrawals made prior to the end of the guarantee period. 2 Income taxes and a 10% federal penalty for premature distributions prior to age 59 ½ could still apply. Hardship withdrawals may not be available in all states, and state law may require modification of the policy s provisions. Flexible choices, confidence of guarantees 13

14 Commonly asked questions. How can I purchase the MEMBERS Variable Annuity Series B-Share? Your annuity can be established as a traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, or as a non-qualified annuity. If you are the beneficiary of another IRA, you may be able to establish a beneficiary (inherited) IRA. In some instances, if you are the beneficiary of a non-qualified annuity, you may be able to elect an option known as a non-qualified stretch annuity. A deferred compensation 457(f) plan may also be available in certain circumstances. What is the maximum issue age? The owner and annuitant may be up to age 89 on their last birthday at the time of purchase. An owner must be at least the age of majority, as defined by your state. Death benefit options and optional riders have their own age requirements. What is the minimum initial premium required? You can open your variable annuity with a premium of $5,000 for non-qualified plans or $1,000 for qualified plans such as IRAs. Can I add more money after the policy is issued? Yes. You may add as little as $50 any time during the accumulation phase. The maximum you may add each policy year, without prior company approval, is $25,000 for non-qualified annuities. For qualified annuities, the maximum is $60,000 or the IRS limit, whichever is less. How long must I wait to annuitize the policy? Payouts from your variable annuity may begin after the third policy year. (May vary by state.) You have a number of payout choices available when you choose to enter the income phase. You may select from fixed payment options, variable payment options or a combination of both. What happens to a rider on my annuity commencement date? The maximum annuity commencement date is generally age 99, and it marks the date when the policy is required to annuitize and move into the income phase. On this date, any death benefit or living benefit rider terminates. For any living benefit rider, you will have the option to receive lifetime payments that are no less than the withdrawals allowed by the rider. 14 MEMBERS VARIABLE ANNUITY SERIES B-SHARE

15 When must money be taken out? The latest annuity payout date for non-qualified policies is generally the month following the annuitant s 99th birthday. For qualified contracts, the IRS requires that distributions from most plans begin when you reach age 70 1 /2. If not enough money is withdrawn, a 50% excise tax may apply. Establishing a systematic withdrawal program to take your Required Minimum Distribution (RMD) assures that we will distribute the appropriate amount to you automatically and report the payments to the IRS. Should required distributions exceed the policy s allowable amount, we will also waive surrender charges. What if I need income before age 59½? If you need income before age 59 1 /2, we can help you establish a systematic withdrawal plan that meets IRS guidelines. Because withdrawals based on life expectancy are generally viewed by the IRS as substantially equal payments, they are not subject to the 10% penalty tax. Regular payments must continue to age 59 1 /2 or for five full years, whichever is longer. What is the minimum guaranteed interest rate on the Fixed Account? The minimum guaranteed interest rate is currently 0.25%. Transamerica does not guarantee the Fixed Account will always be available for investment, especially during periods of low market yields. Check with your representative for availability and current rates. Ask your representative to show you how the MEMBERS Variable Annuity Series B-Share can help you plan for the future with confidence. Flexible choices, confidence of guarantees 15

16 A variable annuity is a long-term investment product designed for retirement purposes offering four main features: (1) guaranteed lifetime payout options, (2) guaranteed death benefit options, (3) a wide selection of investment options, and (4) tax-deferred earnings accumulation. Before investing, consider a variable annuity s investment objectives, risks, charges and expenses. Call for a contract and fund prospectus containing this and other information. Please read it carefully. All contract and rider guarantees, including optional benefits and any fixed subaccount crediting rates or annuity payout rates, are backed by the claimspaying ability of Transamerica Life Insurance Company. Variable annuity policy values, death benefits and other values fluctuate based on the performance of the investment options and may be worth more or less than the total of all premiums paid when surrendered. Withdrawals may be subject to surrender charges. Withdrawals of taxable amounts are subject to ordinary income tax, and if taken before age 59 1 /2 may be subject to a 10% federal tax penalty. If you are considering purchasing an annuity as an IRA or other tax-qualified plan, you should consider benefits other than tax deferral since those plans already provide tax-deferred status. Transamerica Life Insurance Company does not provide tax or legal advice. Contact a licensed professional. MEMBERS is a registered trademark of CMFG Life Insurance Company (CMFG Life). MEMBERS Insurance & Investments is the marketing name for products offered by CMFG Life and other leading carriers. CMFG Life is not a Transamerica company. Additional Death Distribution SM, Additional Death Distribution+ SM, Retirement Income Choice SM, Monthiversary SM, Income Enhancement SM, Retirement Income Max SM and Guaranteed Principal Solution SM are registered service marks of Transamerica Life Insurance Company. Insurance products are issued by Transamerica Life Insurance Company. Variable products are underwritten and distributed by Transamerica Capital, Inc. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. All policies, riders and forms may vary by state, and may not be available in all states or through all brokers/dealers. ICC12 VA0513, NIC12 VA0513(FL), ICC12 RGMD80513, NIC12 RGMD80513, ICC12 RGMD50513, NIC12 RGMD50513,, ICC12 RTP170513, RTP , ICC12 RTP180513, RTP , RGMB , RGMB , RGMB (IS)(FL), RGMB (IS)(FL), other versions also available, RGMB R (IS)(OR), RGMB R (IJ)(OR), RGMB R (AS)(OR), RGMB R (AJ)(OR), RGMB R (IS)(OR), RGMB R (IJ)(OR), RGMB R (AS)(OR), RGMB R (AJ)(OR), ICC12 RGMB410513(IS), ICC12 RGMB410513(IJ), RGMB (IS) (FL), RGMB (IJ) (FL), RGMB , RGMB (FL), RGMB R (OR). Transamerica Life Insurance Company 4333 Edgewood Road NE Cedar Rapids, IA CUNA Mutual Group Rev 0514

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